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With a business checking account, you can keep your personal and professional transactions stay separate. We've listed our top picks for business checking accounts so you can avoid monthly service fees.
Our Top Picks for the Best Business Checking Accounts of September 2024
- Best overall: Axos Bank Basic Business Checking Account
- Best for earning interest: Bluevine Business Checking Account
- Best for a traditional banking experience: Citizens Bank Clearly Better Business Checking Account
- Best for an online-only banking experience: NBKC Business Checking Account
- Best for ATM access: American Express Business Checking
no monthly service fee
1.51% to 2.25%
$100
- 1% cash back on debit card purchases if you have an average monthly balance of $10,000 or more
- Interest-earning account
- Interest compounds daily
- No monthly fees
- Unlimited transactions
- $100 minimum opening deposit
- Customer service not available on weekends
- Does not offer overdraft protection
- Entirely online bank with no physical branches
- Does not reimburse out-of-network ATM fees
- Online bank with no physical branches branches
- Access to over 45,000 ATMs nationwide through the MoneyPass and SUM ATM networks
- Customer service available from 9 a.m. ET to 9 p.m. ET Monday through Friday
- Earn 2.25% APY on amounts between $25,000 and $250,000; all other money earns 1.51% APY
- Interest compounds daily, deposits monthly
- Member FDIC
Compare the Best Business Checking Accounts
The best business checking accounts are free checking accounts, meaning they don't charge monthly service fees. Top business checking accounts also have high free transaction limits.
To help you narrow down the best choice, we also highlighted why each of our top picks may be an appealing option. For example, we have a top picks for people who prefer an in-person banking experience, earning interest on checking balances, or easily accessible ATM access.
Best for a Well-Rounded Option: Axos Bank Basic Business Checking Account
no monthly service fee
None
$0
up to $400
- No monthly service fees
- No minimum opening deposit
- Unlimited transactions
- Unlimited refunds on domestic out-of-network ATM fees
- You may qualify for an intro bonus
- Compatible with QuickBooks
- 2 free domestic wire transfers per month
- No physical branches
- $50 international outgoing wire transfer fee
Axos is a good bank for businesses overall. The Axos Bank Basic Business Checking Account is probably its strongest product, with unlimited monthly transactions and unlimited ATM fee refunds. It's one of the best free business checking accounts out there right now.
Axos Bank Basic Business Checking Account- Business owners get up to $400 welcome bonus!*
- Open a business checking account by October 31 and get up to $400 when you use promo code NEW400 on your application.*
- No initial deposit requirement
- No minimum balance requirement
- No monthly maintenance fees
- Free domestic incoming wires. Two (2) outgoing domestic wire fees reimbursed per month.
- Unlimited domestic ATM fee reimbursements
- Unlimited item processing (debits, credits, and deposited items)
- Cash deposits via MoneyPass and AllPoint networks
The Axos Bank Basic Business Checking Account is a well-rounded option. It has a large ATM network, and if you use an out-of-network machine, Axos refunds all fees charged by an ATM provider. You may also be eligible for a cash bonus of up to $400 if you meet certain requirements.
Keep in mind there's a $50 international wire transfer fee. However, most banks charge a similar international wire transfer fee.
Max. monthly transactions: Unlimited
Minimum opening deposit:$0
Best for Earning Interest: Bluevine Business Checking Account
no monthly service fee
2.00%
$0
- No minimum opening balance
- No monthly service fees
- Unlimited monthly transactions
- Earn competitive interest rate on balances up to $250,000
- No non-sufficient funds fees
- No in-network ATM fees
- No incoming domestic wire transfer fees
- Ability to deposit cash
- No physical branches
- Doesn't reimburse any fees charged by out-of-network ATMs
- $4.95 fee for cash deposits at Green Dot locations
- $15 outgoing wire transfer fee
- $2.50 out-of-network ATM fee
The Bluevine Business Checking Account is on Personal Finance Insider's list of the best free business checking accounts. It pays a solid interest rate if you meet certain requirements and offers unlimited free transactions. You also have the ability to deposit cash, which sets it apart from other online business accounts.
Bluevine Business Checking Account- Earn 2.00% APY on balances up to $250,000 if you meet one of the following requirements: Spend $500 using your Bluevine debit card per month OR receive customer payments of $2,500 or more per month
- Earn a higher APY when you join Bluevine Premier for a $95 monthly fee or avoid the monthly fee by maintaining an average daily balance of at least $100,000 in your Bluevine Business Checking account and/or sub-account(s) and spending at least $5,000 with your Bluevine Business Debit Mastercard®
- Deposits are FDIC insured through Coastal Community Bank, Member FDIC
The Bluevine Business Checking Accountlets you open an account with $0. You'll earn 2.00% APY on up to $250,000 when you meet one of the monthly eligibility requirements. This sets the account apart from the others on our list, which don't pay interest at all. It is also one of the few online business checking accounts that give you a way to deposit cash.
You won't be able to earn interest on balances over $250,000 unless you join the Premier plan which has a $95 monthly fee with options to waive. You'll earn 4.25% APY with the Bluevine Business Checking Premier Account.
Bluevine also doesn't have physical locations, so you might not have easy access to your account.
Max. monthly transactions: Unlimited
Minimum opening deposit:$0
BlueVine Business Checking Review
Best for a Brick-And-Mortar Bank: Citizens Bank Clearly Better Business Checking Account
no monthly service fee
None
$0
- No minimum opening deposit
- No monthly service fees
- 200 transactions per month
- Overdraft savings transfer and overdraft line of credit
- $0.50 fee per transaction after monthly 200 limit
- $3 out-of-network ATM fee
- No free incoming or outgoing wire transfer fees
- Over 1,000 branches in Connecticut, Delaware, Florida, Massachusetts, Maryland, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington, DC
- Over 3,100 ATMs
- 200 free monthly deposits and withdrawals; after that, $0.50 per transaction
- FDIC insured
The Citizens Bank Clearly Better Business Checking Account is a free business checking account with no minimum balance requirements. Citizens Bank also gives you two overdraft protection options: Either transfer money from savings or tap into a line of credit.
Citizens Bank has more than 1,000 branches and 3,100 ATMs along the East Coast.
You'll pay $3 each time you use a non-Citizens Bank ATM, plus any fee charged by the ATM provider. Citizens Bank only has branches in 14 states and Washington, DC, so this could be a problem if you frequently travel to other parts of the US.
You'll pay $3 each time you use a non-Citizens Bank ATM, plus any fee charged by the ATM provider. Citizens Bank only has branches in 14 states and Washington, DC, so this could be a problem if you frequently travel to other parts of the US.
Max. monthly transactions: 200
Minimum opening deposit: $0
Best for an Online-Only Banking Experience: NBKC Business Checking Account
no monthly service fee
None
$0
- No minimum opening deposit
- No monthly service fees
- Unlimited free monthly transactions
- No overdraft or nonsufficient funds fees
- No incoming domestic wire transfer fees
- Refunds up to $12 per month in fees charged by out-of-network ATMs
- Deposit cash at ATMs
- Only physical branch locations are in Kansas City, MO
- $5 outgoing wire transfer fee
- $45 incoming international wire transfer fee
- Online bank with branches in Kansas City, MO
- 37,000+ free ATMs in the MoneyPass network
- No out-of-network ATM fees; if an ATM provider charges you, NBKC reimburses up to $12 per month
- FDIC insured
The NBKC Business Checking Account account gives you a lot of freedom. There's a $0 minimum opening deposit, no monthly service fee, and no overdraft fees. NBKC also is a great option for avoiding domestic wire transfer fees. You won't charge for incoming domestic wire transfers, and there's a low fee for outgoing domestic wire transfers.
If you use a non-MoneyPass ATM and the ATM provider charges a fee, NBKC reimburses you up to $12 per month.
This is primarily an online account, but there are branches in Kansas City, Missouri. NBKC also only gives business loans to people in the Kansas City area.
Max. monthly transactions: Unlimited
Minimum opening deposit: $0
Best for ATM Access: American Express Business Checking
no monthly service fee
1.30% APY on the first $500,000 in your account
$0
30,000 Membership Rewards® points
- Earn 1.30% APY on the first $500,000 in your account
- Earn a welcome bonus if you meet certain requirements
- Earn Membership Rewards points for debit card purchases
- No monthly maintenance fees
- No minimum balance requirements
- No incoming domestic wire transfer fees
- No international ACH transfer fees
- No overdraft fees
- No fee for stop payments
- No fee for physical check processing
- No fee for mobile deposit capture
- No out-of-network ATM fees
- $25 outgoing domestic wire transfer fee
- Costs for a physical checkbook varies from third-party vendor based on items ordered
- No reimbursements if you're charged by an out-of-network ATM provider
- Can't deposit cash
American Express Business Checking is a great option if you have an eligible U.S. small business. This account has no monthly service fee, offers 1.30% APY on the first $500,000 in your account, and lets you earn 30,000 Membership Rewards® points if you meet certain criteria.
American Express Business Checking- American Express Business Checking is now available to any eligible U.S. small business
- To earn 30,000 Membership Rewards points you must meet the following requirements: 1) Receive $5,000 or more in qualifying deposits within the first 30 days of opening your account; 2) Maintain an average account balance of $5,000 for the next 60 days, and 3) make 5 or more qualifying transactions within the first 60 days of opening your account
- Earn 1 Membership Rewards point for every $2 spent using an American Express Business Debit Card
- Access to more than 70,000+ Allpoint® and MoneyPass® ATMs
- Earn 1.30% APY on the first $500,000 in your account
- No interest earned on balances over $500,000
- Interest compounded and deposited monthly
- FDIC insured
American Express Business Checking stands out because you make fee-free withdrawals at AllPoint and MoneyPass ATMs. These are two large ATM networks, so you'll have access to over 70,000 ATMs nationwide.
This free business checking account is also a good option because there are no fees for incoming domestic and international wire transfers, non-sufficient funds, or stop payments. You can earn 1.30% APY on the first $500,000 in your account, too.
Max. monthly transactions: Unlimited
Minimum opening deposit: $0
American Express Business Checking Review
Business Bank Trustworthiness and BBB Ratings
We review the ethics of each company so you can see if a specific financial institution aligns with your values.
We also include the settlement history of the last three years, so you're aware of any recent public controversies involving the bank.
The Better Business Bureau grades companies based on responses to customer complaints, advertising, and transparency about business practices. Here are the BBB scores for our top picks:
Institution | BBB grade |
Axos Bank | A+ |
BlueVine | A+ |
Citizens Bank | B+ |
NBKC Bank | A+ |
American Express | NR |
Citizens Bank has a B+ grade because the BBB says government action has been taken against the business and the bank has taken a long time to respond to customer complaints.
The BBB gave American Express an NR (No Rating) because it is responding to previously closed complaints.
Some of these companies have recent public controversies.
The Consumer Finance Protection Bureau filed a lawsuit against Citizens Bank and claimed that the bank denied customers' claims of unauthorized credit card use and billing mistakes, didn't fully refund customers when they reported fraud, and didn't properly respond to customers when they contacted Citizens Bank about these issues.
In 2022, American Express paid $430,500 in a settlement with the United States Department of the Treasury's Office of Foreign Assets Control (OFAC). In the settlement, OFAC accused the bank of processing transactions on an account where the supplemental card holder was linked to illegal drug distribution and money laundering.
If these recent scandals worry you, you may decide to bank with one of our other top picks.
Criteria for a Great Business Checking Account
Below, you'll find our top picks for free business checking accounts. To determine the best no-fee checking accounts for small businesses, we reviewed each account to ensure they did not charge monthly service fees and had minimal fees for other common bank charges. We narrowed our options further by assessing opening requirements and how many free transactions you can make monthly with an account.
We reviewed over a dozen financial institutions to find the best business checking accounts with no monthly bank maintenance fees. These institutions have stayed as our top picks for the last few months because they continue to stand out for their minimal bank fees and unique perks.
Business Checking Account Features to Consider
Transaction Limits and Fees on Business Checking Accounts
Banks can limit how many monthly transactions you can make on a business checking account. You'll be charged a fee for each transaction that surpasses the limit.
Monthly transaction limits on business checking accounts are more likely to occur at brick-and-mortar banks than online banks. If you want to avoid transaction fees, there are some banks that allow unlimited monthly transactions, some of which are in our top picks.
ATM Network and Fees on Business Checking Accounts
Banks can charge you for using an ATM that isn't in their network. If you frequently travel for your business and utilize ATMs, look for a bank that has a national ATM network or offers reimbursements for ATM fees.
Additional Banking Services on Business Checking Accounts
The type of bank you choose can also impact your access to additional banking services. For example, brick-and-mortar banks tend to offer a greater variety of business loans or business credit cards than online banks and banking platforms. If you're interested in opening a business savings account or business CD, you can also check to see if those types of bank accounts are available at a specific financial institution.
How to Open a Business Checking Account
If you're interested in opening a business checking account, here is the documentation you'll need to apply:
- Social security number (if you have a sole proprietorship) or employee identification number (if you have a partnership or corporation)
- Personal identification, like a driver's license or passport
- Business license (It varies depending on the type of business you have. You may need both federal and state licenses.)
- Basic business documentation (You should have a document that's explains the formation of your business and what it does. If there are several owners, there should be an ownership agreement.)
Keep in mind that opening a business bank account online may require additional authorization forms. For example, if there are multiple business owners, you might need to fill out an authorization form since you're not verifying your identity in person.
How We Reviewed Business Checking Accounts
To learn more about what makes a good account and how to choose the best fit, four experts weighed in.
Our experts focused on what will make a business checking account the most useful, including low fees, transaction limits, branch locations, and more. Here's what they had to say about finding an account. (Some text may be lightly edited for clarity.)
How can someone choose the business checking account that's right for them?
Tania Brown, CFP® professional and vice president of coaching strategy at OfColor:
"Consider how you will use the bank account, and what features the account needs to have for you to run your business with ease. Here are a few examples of questions to think about:
"How much is your average account balance? If you are new and broke, you may not see the benefits of a business checking account with free services for balances over $100k.
"What types of transactions do you do the most? Do you write a lot of checks or do a lot of wire transfers? Whatever transactions you do the most, you want to make sure you choose a bank that will charge the least (preferably nothing) for these services.
"Do you want to be able to integrate your accounting software with your bank? If you, check your accounting software program to see how easily the program integrates with your potential bank."
Roger Ma, CFP® professional with lifelaidout® and author of "Work Your Money, Not Your Life":
"Someone may want to consider whether they value having a physical branch nearby. If so, they may prefer to use a brick-and-mortar bank instead of an online bank. In addition, someone should also consider their business's other financial needs. Down the road, would they want to be able to work with the same bank to open a business credit card, open a line of credit, or get a business loan?"
What should someone look for in a brick-and-mortar bank?
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
"How accessible it is. Where are the branches? And if I am to go out of town or something, how accessible is my money to me?"
Sophia Acevedo, banking editor, Business Insider
"If you're more comfortable with a traditional bank experience, I would compare several nearby banks and see which accounts allow you to waive most fees. For example, with a business checking account, I would pay attention to monthly service fees, out-of-network ATM fees, and wire transfer fees."
What should someone look for in an online bank?
Tania Brown, CFP® professional:
"With an online bank, absolutely online customer service, because you do not have the advantage of walking inside and talking to a human being. How often are you able to get them? What are their hours?"
Mykail James, CFEI:
"What type of securities do they provide? Do they have two-factor identification? If it's an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank."
Our Methodology on the Best Free Business Checking Accounts
Business Insider's personal finance team reviewed over a dozen financial institutions before selecting our top picks for free business checking. First, we looked at accounts that are actually free, meaning they don't charge any monthly service fees.
Then we looked at the minimum amount you need to open the account. We looked at how many free transactions you can make each month with an account. All our top choices let you make at least 250 monthly transactions, and many offer unlimited transactions.
See our bank account rating methodology to learn more about how we rate bank accounts.
Business Checking Account FAQs
To choose a business checking account, ask yourself whether you want to bank online or in person. Then figure out how many transactions your business will need to make each month and find a bank that allows that number of free transactions. You should also think about how much you'll need to deposit in cash every month and whether you'll need to make wire transfers.
Yes, you can open a free business checking account online. Keep in mind that you'll probably need the following documents to open an account: an employer identification number (or social security number if the business is a sole proprietorship), a business license, formation documents, and an owners agreement.
While free business checking accounts do not charge monthly service fees, banks can still charge other common bank fees. You should still check for cash deposit fees, wire transfer fees, out-of-network ATM fees, and excess transaction fees on every business checking account.
Yes, you can use a personal checking account for your business — but doing so comes with complications. Your personal name rather than your business name will appear on checks, and you may find it difficult to separate personal and business spending. It could also be tricky when tax season rolls around and you need to prove business-related purchases. If you are starting your own business,the IRS recommends getting a separate checking account specifically for managing business finances.
Several banks offer free business bank accounts. Our top picks for bank and banking platforms are Axos Bank, BlueVine, Citizens Bank, NBKC Bank, and American Express.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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